Report Shows Debt Higher Than Ever
A report on world debt has confirmed what we all suspect, that debt is higher now than ever before.
The report from the Institute of International Finance shows that global debt (which includes debt of governments, companies and individuals added together) grew by $9 trillion in 2019 and now sits around the crazy figure of $253 trillion.
This means world debt levels are now higher than the really bad year of 2016 and means the world has committed 322% of its GDP to debt. If everyone on the entire planet worked for over 3 years and every single cent on earth was allocated to the debt it would take 3 years of no-one getting any money for any other purpose to use to pay off the debt.
Not Just 3rd World Countries
It may surprise some to learn that the US and European countries carry well over half of all that debt. In fact, their debt-to-GDP ratio sits at 383%. That’s not to say that countries like SA are living debt-free. We all know how indebted South Africans are. Another report showed that out of every 10 houses in SA one of them has a person who is lending to others in their community (illegally without registering with the National Credit Regulator). The supply matches the demand as more and more people are living beyond their means borrowing funds to cover their costs.
SA Debt Review
We are an NCR Registered & NCR approved Debt Counselling Provider, registration number NCRDC773. We can assist anyone that earns an income quick and easily to apply for Debt Review. Debt counselling was introduced by the National Credit Act (NCA) in 2007. Since then, about 402 000 consumers have applied for debt counselling, over R10 billion has been paid to credit providers by consumers in debt counselling, and every month about R255 million is collected from consumers in counselling and paid over to their creditors. It is estimated that 110 000 consumers are in debt counselling. We can help should you face any debt situations.
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